Despite falling oil prices on the global market, the government on Monday approved a 6.72 rupee per litre rise in the price of petrol. As a result, the new price of petrol will be Rs. 233.91 a litre.
Despite declining oil prices on the international market, the government on Monday authorised an increase in gasoline rates of 6.72 rupees per litre. As a result, a litre of gasoline would now cost Rs. 233.91.
After soaring to their greatest level since 2008 earlier in the year, international oil prices recently fell to near-year lows. Due to weak Chinese demand and news that Western superpowers and Iran may soon reach an agreement, Brent oil dipped below $95 today.
Prime Minister Shehbaz Sharif declared a decrease in the cost of all petroleum products on July 14 in order to pass along the benefits of falling crude prices on the world market after many straight price increases.
According to sources in the Finance Ministry on 4th August 2022, the Government of Pakistan is willing to review the pricing of petroleum products on a weekly basis, which was one of the conditions for the release of the funds to Islamabad as part of its efforts to resuscitate the stalled $6 billion IMF rescue package.
To read our blog on “Under IMF negotiations, Govt. will impose a weekly petroleum products price fix,” click here
